1942 was one of Capcom's first breakaway hits, eclipsing in popularity the company's preceding three titles: (Vulgus, Sonson, and Pirate Ship Higemaru). In 1987, it was number-one on Euromax's UK arcade chart (followed by Wonder Boy at number-two).[9] While not as popular as some of Capcom's series that would debut later in the 1980s (Street Fighter and Mega Man in particular), 1942 would become one of Capcom's hallmark games throughout the arcade era.

Although not the first game to receive a sequel (with Pirate Ship Higemaru receiving a Japan-only console semi-sequel, Higemaru Makaijima in April 1987) 1942 was the first Capcom title to spawn a successful series of sequels, with five titles in the 19XX line released from 1987 to 2000. Additionally, many of Capcom's other vertical shooters featured very similar gameplay to the series such as Varth: Operation Thunderstorm.